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Considerations on the Fundamental Principles of Pure Political Economy (Routledge Studies in the History of Economics)
By Vilfred Pareto

 

 


Product Description:

 

Between May 1892 and October 1893 the Giornale degli Economisti published Vilfredo Pareto’s Considerazioni sui principi fondamentali dell’economia politica pura in five parts. Viewed in its entirety, the outcome is essentially a classic monograph on the fundamental issues in pure economic theory in the Lausanne tradition.

Pareto's work forms a document of major historical significance which, to date, has only been unavailable to the relatively small number of international economists and historians of economics who read Italian. This first English language edition is a significant landmark in the history of economics.

 

 

Table of Contents

 

Introduction: Considerations on the Fundamental Principles of Pure Political Economy, Part 1:

 

Introductory remarks

  1.  

  2. Difficulty of the topic

 

Explanation of the ways that have been followed in this work

 

Various quantitative methods

 

Various degrees of rationality in the principles assumed as the basis of this science

 

Use of mathematics in Political Economy

 

Precautions required by the use of the mathematical method

 

A priori objections to the new theory

 

Value

2.1. Object of a theory of value

2.2. The hedonistic theory

2.3. Total utility and final degree of utility

2.4. Fundamental principle of hedonistic calculus

 

The economics of the individual

3.1. Reasons at play in determining a barter

3.2. Limit of the hedonistic theories

Considerations on the Fundamental Principles of Pure Political Economy, II. (Giornale degli Economisti, June 1892)

1. Fundamental theorem of the transformation of any given number of goods

2. Final degree of utility of instrumental goods

3. Cases where the final degree of utility of money is approximately constant

4. Relationship between the final degree of utility of money and the prosperity of a people

5. The variety of human needs

6. Discontinuity of the phenomenon

7. Final degree of utility of instrumental goods of various orders

Considerations on the Fundamental Principles of Pure Political Economy, III. (Giornale degli Economisti, August 1892)

 

Supply and Demand

 

Law of the variation of supply and demand

 

Law of supply and demand assuming that the final degree of utility of an economic good decreases when the quantity of the latter increases

 

Determination of the final degree of utility when the laws of demand and supply are known

 

Need for new phenomena to be considered

 

Numerical calculation of the final degrees of utility

 

Usefulness of measuring the final degrees of utility

 

Necessary qualities that restrict the laws of demand

 

Fungible economic goods

 

Average final degrees of utility for more than one person

 

Total utility

Considerations on the Fundamental Principles of Pure Political Economy, IV. (Giornale degli Economisti, January 1893)

 

Fundamental property of final degrees of utility

 

Daniel Bernoulli’s Theorem

 

Final degree of utility of money

Considerations on the Fundamental Principles of Pure Political Economy, V. (Giornale degli Economisti, October 1893)

1. Most general form of the final degrees of utility

2. Some examples of total utility

3. Final degrees of utility corresponding to particular laws of supply and demand

Pareto’s Notes

Editors’s Notes

Index